Intro to Business (S2) Final Exam

Businesses are in operation to:

• Provide goods and services
• Make a profit
• Hire employees who help the business grow while making a living wage
• All of the above

Things that you can see and touch

• Service
• Goods
• Wants
• Demand

Not having enough resources to satisfy every need can be defined best as:

• Scarcity
• Demand
• Trade-off
• Service

Capital in its simplest terms is money or things of value:

• True
• False

Capital is used by a business to buy what they need to run the business

• True
• False

The Economy system used in the United States, is called Capitalism

• True
• False

In a Market Economy, the market place is confined to a physical place of business

• True
• False

Capitalism is:

• the basic component of a Market economy
• The primary economic system used in the United States of America
• often defined as freee enterprise
• based on four principles of private property, freedom of choice, profit and competition
• All of the above

Investing money means that you are:

• Using your income to earn more money
• Saving for an emergency
• Saving money for future use
• All of the above

The first step of the career planning process is to

• prepare a resume and cover letter
• interview for a job
• determine your interests and abilities
• obtain career training